Your ideas are significant when you protect and value them. IP Portfolio is a way of valuing and protecting your IP rights, as well as evaluating and eliminating potential risks. Intellectual property rights establish a legal shield for both your business processes and innovations. This shield has two effects, which are defensive ability against potential competitors in the market and attracting possible investors.
IP portfolio can be considered as a collection of intellectual property rights. This method is used for better protection and effective management when it comes to protect several intellectual rights in a business or a start-up. Having an IP portfolio is a marvellous opportunity for your business to:
Detect existing intellectual property rights and potential risks,
Find a way to compete with your rivals with protecting and acquiring further intellectual property rights,
Attractive possible investors and partnerships,
Be ready for the procedures of mergers and acquisitions as well as IP valuation,
Create an edge with competitors while increasing market value
Please bear in mind that protecting intellectual property rights is similar to managing a business, therefore the process needs to have a solid structure and strategy.
How to Manage Your Portfolio
First things first, before looking towards the market and competitors, a business needs to detect and analyse the data sets of possible subjects to intellectual property rights inside the organization. These data sets can already be subjected to legal protection methods such as patents, trademarks, copyrights, trade secrets. After detecting and analysing them, you need to assess and list them according to their values. This step is necessary, since applying for every subject matter of intellectual property to the national registry is not a cost effective action, especially for a new business in the market. Last step is beginning to observe the market environment, giving importance to further protection of assets and using them strategically to compete.
Strategies in Digital Marketing Environment
Most of the jurisdictions accept the “first come, first serve” principle. Therefore, businesses must be sure that product or invention is legally protected before disclosing or advertising. Considering the scale of digital markets and nature of intellectual property, it is easy to say that copying is almost effortless and inevitable. Due to this risk, businesses need to create strategies for both protecting themselves and using intellectual property rights as a leverage. Using intellectual property portfolio for these purposes is a practical and cost-effective method.
While using portfolio, businesses need to keep it updated according to improvements on their innovations. Also it is a good move to follow the new trends on digital markets and manage their intellectual property on that directions. The portfolio itself can also be used in strategic blockage, while observing digital market and expanding business opportunities. With this move a business can predict its rivals’ next move and acquire related intellectual property to set itself one step ahead of them. Besides, portfolio can be used as a tool to catch potential investors’ attentions, since investors always want to see what they are investing for.